New Information on ACA Fines

For some Americans figuring out what you will make in 2014 on your healthcare.gov application wasn’t an easy task. Part-time workers, those with hourly pay, or even those who are hoping to receive a better job in 2014 may have entered a dollar amount on their application that was a hopeful guess in order to receive the federal tax credit.

The federal government released information last week about fines for knowingly providing false information to get federal assistance on health care coverage under the new health care law. Individuals who willingly misrepresent their 2014 income may be subject to fines of up to $250,000.

If you failed to provide correct information but there was no malicious intent you still risk a $25,000 fine. However, if you are able to provide a reasonable explanation that you acted in good faith, you may be able to waive that fine.

If you fear you may be in either of these categories, you can call the 1800 number for healthcare.gov to update your application and provide correct change of income information.

These first few years under the Affordable Care Act will be a learning experience for us all. Nevertheless, Richland Library will be right here with you, helping you navigate the ins and outs of this new experience. We’ve got you covered.